Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q4 2015)

According to the SEC 13F filed on Aug 14, 2026, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2015. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q4 2015, the filing reported:

New Buys - Banner Corporation, Gerdau S.A., VALE S.A.

Increases - Bank of America, Century Communities, Inc., NMI Holdings Inc, Petroleo Brasileiro S.A.- Petro, Taiwan Semiconductor Manufactur

Reductions - Banc of California, Inc., BRF S.A., Banco Santander - Chile, Cemex, S.A.B. de C.V. Sponsored, ICICI Bank Limited, and 7 more

Complete Exits - iShares MSCI Emerging Index Fun, NRG Energy, Inc., Grupo Televisa S.A.B.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2015	BAC.PRN Bank of America	Bank of America	Buy	+2,000	+40.0%	$7.65K	7,000
Q4 2015	BANC Banc of California, Inc.	Banc of California, Inc.	Sell	-705,060	-35.2%	$18.99K	1,299,144
Q4 2015	BANR Banner Corporation	Banner Corporation	Buy - Position Entry	+2,598,988	-	$119.19K	2,598,988
Q4 2015	BRFS BRF S.A.	BRF S.A.	Sell	-232,533	-7.6%	$39.04K	2,825,199
Q4 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-71,222	-7.6%	$15.35K	870,082
Q4 2015	CCS Century Communities, Inc.	Century Communities, Inc.	Buy	+127,072	+10.4%	$23.98K	1,354,003
Q4 2015	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Sell	-508,121	-7.7%	$34.06K	6,115,759
Q4 2015	EEM iShares MSCI Emerging Index Fun	iShares MSCI Emerging Index Fun	Sell - Position Exit	-38,000	-100.0%	$0.00	-
Q4 2015	GGB Gerdau S.A.	Gerdau S.A.	Buy - Position Entry	+8,801,905	-	$10.56K	8,801,905
Q4 2015	IBN ICICI Bank Limited	ICICI Bank Limited	Sell	-365,771	-8.1%	$32.45K	4,144,876
Q4 2015	INDA Ishares MSCI India ETF	Ishares MSCI India ETF	Sell	-572,246	-95.2%	$798.00	29,000
Q4 2015	INFY Infosys Limited	Infosys Limited	Sell	-251,000	-53.4%	$3.67K	219,200
Q4 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-182,885	-2.9%	$40.46K	6,215,175
Q4 2015	JD JD.com, Inc.	JD.com, Inc.	Sell	-116,843	-7.5%	$46.58K	1,443,660
Q4 2015	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+199,400	+3.6%	$38.36K	5,666,443
Q4 2015	NRG NRG Energy, Inc.	NRG Energy, Inc.	Sell - Position Exit	-713,000	-100.0%	$0.00	-
Q4 2015	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+997,983	+12.1%	$31.48K	9,258,683
Q4 2015	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+1,916,718	+75.4%	$101.47K	4,460,356
Q4 2015	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Sell - Position Exit	-1,449,550	-100.0%	$0.00	-
Q4 2015	VALE VALE S.A.	VALE S.A.	Buy - Position Entry	+320,300	-	$1.05K	320,300
Q4 2015	VSH Vishay Intertechnology, Inc.	Vishay Intertechnology, Inc.	Sell	-665,000	-30.6%	$18.20K	1,510,000
Q4 2015	WFC-L Wells Fargo	Wells Fargo	Sell	-1,456	-16.1%	$8.81K	7,602
Q4 2015	YPF YPF Sociedad Anonima	YPF Sociedad Anonima	Sell	-71,964	-8.4%	$12.36K	786,136